Egypt's property developer Misr Italia is planning to launch an initial phase for the first-ever vertical forest in Egypt and the Middle East at the end of this year. The forest will be in Egypt's new administrative capital, Misr Italia deputy chief executive Mohamed Khaled El Assal said on Wednesday. "We are targeting around 300 million Egyptian pounds ($18.1 million) in sales from the first phase of the vertical forest project this year," El Assal said. Misr Italia signed earlier on Wednesday a deal with Milan-based Stefano Boeri Architetti to create the forest in the new capital, 45km (28 miles) east of Cairo. "Works on the forest project will commence by the middle of next year," he added. Spanning of 10 feddans, the vertical forest is part of Misr Italia's fully-integrated residential flagship Il Bosco City in the new capital, he added. The forest will include three buildings of 300 homes varying between hotel buildings and apartments as well as a number of other housing units, with investments of 3 billion pounds, El Assal said.
